Jake Eliot, Head of Policy and Propositions at the Money Advice Service commented:

“A savings buffer helps households weather unexpected bills, avoid problem debt and plan for the future. We’re pleased the FCA is addressing issues in the cash savings market and testing remedies to prevent some consumers missing out. Alongside these measures to get more bank customers switching to get the best deal, we are working with partners through the Financial Capability Strategy for the UK to make it easier for more consumers to take control of their money and save regularly.”